Stablecoin supply on three established blockchains has dropped sharply over the past week, while Circle's newer Arc network continues to gain ground. Data from DefiLlama shows @ton_blockchain
Stablecoin supply on three established blockchains has dropped sharply over the past week, while Circle's newer Arc network continues to gain ground. Data from DefiLlama shows @ton_blockchain, @StellarOrg and @SuiNetwork have all recorded double-digit declines in stablecoin market capitalisation.
DefiLlama's chain-level stablecoin table lists the following seven-day changes:
- $TON: down 14.66%, to $631.15 million- $XLM (Stellar): down 19.34%, to $439.96 million- $SUI: down 13.92%, to $431.67 million
The composition of supply differs by chain. On DefiLlama's table, USDT makes up about 78% of stablecoins on TON, while USDC accounts for roughly 87% on Stellar and 63% on Sui. Figures move constantly, and DefiLlama's Sui page showed a 7-day decline of 14.07% and a stablecoin market cap of $431.78 million as of October 26, 2026.
The pullback comes as the wider market has cooled. Crypto Daily, citing DefiLlama, reported that total stablecoin market capitalisation stood at about $300.1 billion on October 26, down roughly 0.9% over 30 days. Over the same period USDC fell close to 5%, while USDT declined less than 1%. That suggests some capital has left stablecoins during recent market volatility, though the declines on TON, Stellar and Sui were far steeper than the market as a whole.
In contrast, @Arc has recorded a 44% increase in stablecoin supply, rising to $963 million in just over a month. Arc is a layer-1 blockchain built by Circle, the issuer of USDC. According to Decrypt, the network opened to the public in September 2026 and is designed specifically for stablecoin-native finance.
Arc uses USDC as its native gas token, meaning transaction fees are denominated in dollars rather than a volatile asset. BigGo Finance reported that founding validators include BlackRock, DTCC, Visa, Mastercard, Intercontinental Exchange and Standard Chartered, with more than 100 applications and institutional partners participating at launch. Bloomingbit reported that 370 million USDC flowed onto the network within two hours of the mainnet launch.
The data points to competition for stablecoin liquidity between general-purpose chains and purpose-built networks. A single week of data is a limited sample, and stablecoin balances can shift quickly with exchange flows, lending activity and issuer decisions. Whether Arc's growth continues, and whether the declines on TON, Stellar and Sui persist, will be visible in DefiLlama's daily figures.
DefiLlama: Stablecoins by ChainCrypto Daily: Stablecoin Market Tops $300B as Circle Targets 40 New MarketsDecrypt: What Is Arc? The Stablecoin Blockchain From USDC Issuer Circle
